Real Estate

Why you don’t want to rent a one-bedroom apartment in New York City

When it comes to the most expensive cities in America to rent a one-bedroom apartment, New York is king of the hill and top of the heap.

The median price of a one-bedroom apartment rental in the five boroughs as of Feb. 1 was $3,100, a 26% year-over-year increase, according to an analysis by Zumper’s National Index.

That is almost $200 more expensive than the second-most expensive city to rent a one-bedroom apartment — San Francisco.

The median price of a one-bedroom rental in San Francisco was $2,930 — or 11% higher than the same time last year.

Boston saw a whopping 32% increase in the median price of one-bedroom apartment rentals — $2,700 as of Feb. 1, according to Zumper’s National Index.

The city that saw the largest year-over-year increase was Miami, where the median price of a one-bedroom apartment jumped 34% to $2,420.

The top 10 was rounded by San Jose, California ($2,470); Washington, DC ($2,220); Los Angeles, California ($2,190); San Diego, California ($2,170); Oakland, California ($2,100); and Scottsdale, Arizona ($1,950).

The median price of a one-bedroom rental in the five boroughs if $3,100 a month.
The median price of a one-bedroom rental in the five boroughs is $3,100 a month.
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The sky-high rent can be blamed on extremely high demand to live in the city coupled with low inventory.

A recent study found that New York City approved less new housing per resident than any other city in the Northeast in 2020.

The figures are bad news for the Big Apple, as remote workers continue to flock to cheaper cities like Miami and Austin. They both approved many times the number of new units as New York in 2020 — 7.6 and 17.8, respectively.

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